The Shrubbery Is The Problem
So we are going to stop buying oil for the strategic reserve at these inflated prices and we are going to talk about tax credits for buying hybrid vehicles, great.
Now, since oil companies are rolling in huge profits, maybe we should look at all of their tax breaks, and we should drill for oil everywhere those same companies feel that they can make money.
That’s the Shrubbery’s plan, the oil man, the MBA President.
According to NBC’s First Read, oil traders say that the spike in prices is caused by unrest in Nigeria and the possibility of an attack on Iran.
Jimmy Carter explained the problem: reliance on foreign oil from unstable areas. His solution was: reduce our reliance on the oil by conservation and research on alternatives.
If Reagan hadn’t dismantled the policy, we would be in much better shape with much reduced pollution levels. GM wouldn’t be going broke because it was selling vehicles no one could afford to drive. We wouldn’t need to get involved in oil producing countries.
In the near term, backing off on threats against Iran would have the biggest effect on the price of oil.
